Denver—A proposal meant to create the first dedicated affordable housing fund in Denver has reached a new milestone by being cleared for a full city council debate. The Denver Post reports that the proposal, which had been in the works for more than a year, will be introduced on the floor on Sept. 12, with a public hearing scheduled for Sept. 19.
The proposal entails the investment of roughly $150 million in the fund’s first 10 years toward the development or preservation of 6,000 affordable housing units. Funding would come from a mix of small property tax hikes and new development impact fees.
According to the city’s Office of Economic Development, the fund “would support permanent housing and supportive services for at-risk residents, low- and moderate-income workforce rental housing, and moderate income for-sale housing.” Roughly 61 percent of the 150,000 renter households in the city earn less than $50,000 per year. Affordability is a big issue for Denverites, with average rents climbing to an all-time high of $1,240 at year-end 2015 and taking up 21 percent of income, according to Yardi Matrix’s latest market report.